EMX Royalty Corporation (NYSE:EMX) (TSXV:EMX) (FSE: 6E9) (the "Company", or "EMX") is pleased to announce receipt of a US $2.25 million payment for the Berenguela silver-copper project ("Berenguela" or the "Project") in Peru from Aftermath Silver Ltd. (TSXV:AAG) (OTCQB:AAGFF) ("Aftermath Silver"). EMX's interest in Berenguela resulted from the Company's acquisition of a portfolio of royalty interests and payments from SSR Mining Inc. and certain of its subsidiaries ("SSR Mining") (see EMX news releases dated July 29, and October 21, 2021).

Aftermath Silver's payment is per a definitive acquisition agreement, originally executed with SSR Mining, that outlined a series of staged cash payments (initially totaling US$13 million) and other consideration to acquire 100% interest in the Project, and upon commercial production that will pay a sliding-scale net smelter returns ("NSR") royalty (see Aftermath Silver news releases dated October 1, and November 23, 2020). The payments are scheduled according to anniversaries of the transaction's closing date of November 23, 2020 (the "Initial Closing Date"). Aftermath Silver's cash payment and NSR royalty commitments to EMX for the Berenguela Project are outlined below.

• US$2.25 million cash to be paid on the first anniversary of the Initial Closing Date. This payment has now been received by EMX;
• US$2.5 million cash to be paid on the second anniversary of the Initial Closing Date (i.e., November 23, 2022);
• US$3 million cash to be paid on the fourth anniversary of the Initial Closing Date (i.e., November 23, 2024);
• Completion of a preliminary feasibility study ("PFS") and filing on SEDAR of a National Instrument 43-101 technical report summarizing the PFS, within 48 months of the Initial Closing Date (i.e., on or before November 23, 2024);
• US$3.25 million cash to be paid on the sixth anniversary of the Initial Closing Date (i.e., November 23, 2026); and
• A sliding-scale NSR royalty on all mineral production from the Berenguela Project for the life of mine commencing at the declaration of commercial production, and based on the following:
  • 1% NSR royalty on all mineral production when the silver market price is up to and including US$25 per ounce;
  • 1.25% NSR royalty on all mineral production when the silver market price is over US$25 per ounce and when the copper market price is above US$2 per pound.

EMX's interest in Berenguela provides a source of immediate cash flow to the Company, as well as upside potential from future NSR royalty payments on silver-copper production from the Project. Berenguela, which is located in the Puno mining region of southern Peru, serves as a good example of the type of cash flowing mineral property asset that EMX is focused on adding to its growing royalty portfolio.

Michael P. Sheehan, CPG, a Qualified Person as defined by National Instrument 43-101 and an employee of the Company, has reviewed, verified, and approved the disclosure of the technical information contained in this news release.